Congress Revives The Generalized System Of Preferences

Amid the often rancorous debate on the Trans Pacific Partnership and the Trade Promotion Authority enabling legislation, both the House and the Senate have found a common ground in one piece of legislation addressing legislation related to the international movement of goods. Both chambers have passed the Trade Preferences Extension Act of 2015, Title II of which revives the generalized system of preferences (GSP) that had expired July 31, 2013. Within the Congress itself, there remains only the reconciliation of inconsistencies in the language and the final vote on the reconciled bill. The bill must then be signed by the president, but the White House has said, however, that it strongly supports the bill, so no veto is likely.